In a significant development for the cryptocurrency landscape, Tether has announced the deployment of its flagship stablecoin, USD₮, on the Kaia blockchain. This integration marks a noteworthy collaboration with Line Next, the Web3 arm of Line, a popular messaging platform in Japan that boasts over 196 million monthly active users.
The incorporation of USD₮ within LINE’s messenger-based Mini DApp ecosystem, as well as its self-custodial wallet, offers users a seamless method to interact with stablecoins right within an interface they are already familiar with. Tether highlighted that users will be able to utilize USD₮ for various functions such as in-app payments, cross-border transfers, and decentralized finance (DeFi) activities.
According to Tether’s CEO, Paolo Ardoino, this expansion signifies a strategic move towards fostering stablecoin adoption across Asia and beyond. He stated, “Through LINE NEXT’s blockchain infrastructure, over 200 million LINE users will now have a straightforward way to engage with digital assets in everyday life.”
Enhanced USDT Experience for LINE Users
The new features are designed to enhance user engagement and interaction. Initial capabilities will include mission-based USDT rewards within Mini DApps and peer-to-peer USDT transfers facilitated by LINE’s in-app wallet. Future updates are expected to expand stablecoin functionalities across other application layers.
The Kaia blockchain is recognized for its low-latency transactions and immediate finality, making it an attractive partner for stablecoin operations, according to Sam Seo, chair of the Kaia DLT Foundation. This collaboration aims to deliver the “fastest, easiest, and most reliable” USDT experience across platforms, including DeFi applications and centralized exchanges.
Youngsu Ko, CEO of Line Next, emphasized that the stablecoin integration would create a “dollar-based gateway” for users, simplifying access to Web3 services and making them more practical for everyday consumers in the region.
Tether’s USDT currently holds the title of the largest stablecoin by market capitalization, with over 149.4 billion tokens in circulation, according to CoinMarketCap. The stablecoin issuer continues to mint new tokens regularly; on May 5, Tether minted an additional $1 billion USDT on the Tron network, boosting the total USDT on Tron to $71.4 billion, compared to $72.8 billion on the Ethereum network.
On May 6, Tether also announced a partnership with Chainalysis, integrating the company’s compliance and monitoring tools into Tether’s tokenization platform amidst growing regulatory scrutiny in the cryptocurrency sector.
This strategic alliance between Tether and Line signals a pivotal moment for the cryptocurrency and stablecoin ecosystems, as it opens new avenues for users to interact with digital assets conveniently and securely.
